Industry News

New-home production declines in California

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New-home production, although still near the high levels of the past few years, decreased in October compared to September 2004 and October 2003, the California Building Industry Association reported Wednesday. New housing units as measured by permits issued for October 2004 totaled 16,738, down 3.3 percent from the previous month and 17.9 percent below October of last year. Builders began construction on 11,159 single-family homes in October, down 10.6 percent from September and down 13.8 percent from year-ago levels. Multifamily construction remained volatile, with construction getting under way on 5,579 units in October, up 15.6 percent from September but down 25 percent from October 2003. Despite the modest drop-off in October, overall housing starts for the first 10 months of 2004 totaled 173,732, up 7,378 (4.4 percent) from the same period a year ago. Single-family starts totaled 128,026, up 8.7 percent from 2003, while construction began on 45,706 multifamily units, down 5...